Infinity Stone Ventures Corp. (CSE: GEMS) (OTC Pink: TLOOF) (FSE: B2I) (the “Company” or “Infinity Stone“) is pleased to announce, further to its news release dated June 24, 2022, that it has entered into a property option agreement (the “Option Agreement“) with Quartier Minerals Inc. (“Quartier“) to acquire up to a 100% interest in and to the Galaxy Pegmatite Project located near Mont-Laurier, Quebec (the “Project“).
Pursuant to the Option Agreement, the Company will acquire a 100% interest in and to the Project upon:
- paying $50,000 to Quartier (completed);
- issuing 500,000 Class A Subordinate Voting Shares of the Company (“Shares“) to Quartier within thirty (30) days of the execution date (the “Execution Date“) of the Option Agreement;
- paying $100,000 to Quartier on or before the first anniversary of the Execution Date;
- issuing 500,000 Shares to Quartier on or before the first anniversary of the Execution Date;
- incurring $100,000 in exploration expenditures on the Project on or before the first anniversary of the Execution Date; and
- incurring an additional $200,000 in exploration expenditures on the Project on or before the second anniversary of the Execution Date.
Upon the Company acquiring the Project, Quartier will retain a 2.5% net smelter returns royalty (the “NSR“) over production from the Project, subject to the Company’s right to repurchase 1% of the NSR for $1,500,000.
A recent field survey of the Project site recovered a sample of lithium bearing Spodumene. The Company intends to conduct further exploration of the Project in the coming weeks.
Figure 1: Sample of Spodumene from Galaxy Pegmatite Project
To view an enhanced version of Figure 1, please visit:
About the Galaxy Pegmatite Project
The Galaxy Pegmatite Project covers 22 mineral claims and 2 pending claim applications covering 1,411 hectares in southern Quebec, approximately 45 kilometres northwest of Mont-Laurier, Quebec and 140 kilometres north of the city of Gatineau, Quebec. There is excellent access to all parts of the Property from road La Vérendrye 13, via the Trans-Canada Highway (Hwy QC-117), which traverses roughly through the middle of the Property.
The Property is underlain by at least 30 pegmatite exposures representing 30 pegmatite dikes of Laurentian or more recent rocks of the Precambrian Grenvillian Series. The general strike of the formation is in a northwesterly direction with a near vertical dip. The five minerals associated with the pegmatites are lepidolite, columbite, samarskite, euxenite, and thorianite. The property is largely covered by quaternary till. (1)
For further description of the Project, please see the Company’s news release dated June 24, 2022.
The technical information in this news release has been reviewed and approved by Rémi Charbonneau, P.Geo., a “Qualified Person” as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
About Infinity Stone Ventures
Infinity Stone’s mission is to be a diversified, single source supplier for the critical energy metals being used in the clean energy revolution alongside its established SaaS solution portfolio. The Company’s primary business units include HealthCheck (Stratum Health Technologies LLC) and its energy metals portfolio. Infinity Stone is meeting the demand from battery and wind turbine manufacturers, nuclear and hydrogen energy producers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
To register for investor updates please visit https://infinitystone.ventures.
(1) Corminboeuf, F., 1956. Preliminary Report on Petawaga Mining Corporation. Quebec SIGEOM Report GM04222.
Infinity Stone Ventures Corp.
CEO and Director
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements Disclaimer
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including statements respecting: the terms of the Option. Although forward-looking statements contained in this press release are based upon what management of Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements may also be affected by risks and uncertainties in the business of the Company, including those described in the Company’s public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130047